This transcript has been automatically generated and may not be 100% accurate.

... I ... I've got her Wall Street Journal Europe Rolfe Winkler talk about cools just released ... first-quarter earnings ... fall into a lot of money as usual but stock went down in from aftermarket what happens ... that was the expenses were a little higher than expected ... revenue was good and revenues up nineteen percent ... our session called by that revenue was ... seen as a good number revenue growing aging senior year but wasn't quite as good as Wall Street expected ... but more than what Wall Street had expected was better ... earnings better operating income ... Aitken will disappoint ... aam did or is watching the ... game requests and how much I go with them to charge for client had those numbers were houses ... the number of things he's going up was a twenty six percent compared to prior year but cost ... per click the amount was areas when you actually said this button pressed when you click the button down nine percent ... and that's because on smartphones smartphones the continuing shift of people going smartphones ... a few clicks on smartphones just as valuable to advertisers because they aren't as likely to result in a purchase ... and in you when you book your flights or hotel or ... buy something on your phone most likely you are you doing on a desktop computer ... to buy ... so that is Siegel's ability to charge much for those clicks now ... China lots of stuff too ... well it's ... kind of ... these things were to make their own work for smartphones the RNA ... in introducing new ways to measure ... transactions so that if you click on a smartphone and mean you go and buy something that ... will give credit to the smartphone but try to encourage use the advertisers spent more on that score of clay ... meanwhile the many different types of ads that are supposed to cater to ... smartphones as much dust ups ... more affluent or two for the rest the year ... well people are what one thing they all tell you people are worried about is whether that expense for those expenses are Guinea continue to grow ... on who is investing a lot in research and ... development ... in chapbooks Ventures which will eventually flow through the income statement in earnings ... on their investing in a pond in data centers the top of its strategic have more data centers more computer password is how we get really are result in a nanosecond if we ... don't do anything about it slightly built the railroads the sort of have this race to build the fastest largest computer ... into a spending and in all this quarter it spent over two billion dollars ... two point three billion dollars think that's a new record ... on datacenters ... fraction of that goes into data centers center with ... is resulting cash flow which is what goes back investors ... was the lowest it's been in at least two years ... he's right ...